Govt announces industrial development scheme for J&K worth Rs 28,400 cr

Jammu, Jan 7 (KNN) The Union government has announced an industrial development scheme for the Union Territory (UT) of Jammu and Kashmir (J&K) worth Rs 28,400 crores.

J&K Lieutenant Governor Manoj Sinha on Thursday during a press conference asserted that the scheme will facilitate new investments, substantial expansion and also nurture existing industries in the newly-carved union territory.

The scheme is upto the year 2037 at a total cost of Rs. 28,400 crore

“The industrial scheme is from the period of date of notification upto the year 2037 with a total outlay of Rs 28,400 crores. This will encourage new investments, substantial expansion and also nurture existing industries in Jammu & Kashmir,” Sinha said.

''The new policy has an outlay of a “historic amount” of Rs 24,800 crores,'' the LG added.

Sinha also asserted that ever since the reorganisation of the erstwhile state, J&K as a UT has turned into a land of opportunity.

“In the last 16 months, Jammu and Kashmir has been transformed into a land of opportunity with forward-looking policy to guarantee prosperity and economic success,” he avowed.

The main purpose of the scheme is to generate employment which directly leads to the socio economic development of the area. Considering the historic development of reorganization of J&K with effect from October 31st, 2019 into UT of J&K under the J&K Reorganisation Act, 2019, the present scheme is being implemented with the vision that industry and service led development of J&K needs to be given a fresh thrust with emphasis on job creation, skill development and sustainable development by attracting new investment and nurturing the existing ones.